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Gold glimmers with potential as bullish sentiment prevailsToday's outlook for gold (XAU/USD) in the forex market remains bullish, driven by a combination of factors. The price is currently trading near significant resistance levels around $2,531, supported by expectations of U.S. Federal Reserve rate cuts, which would lower bond yields and make gold more attractive. Traders are particularly focused on upcoming U.S. employment data, which could further influence gold prices. A weaker-than-expected jobs report would likely push prices higher, potentially toward $2,600 in the short term. However, if the data shows strong job growth, gold may face downward pressure, with potential corrections towards $2,483-2,477
OANDA:XAUUSDLong
by BELLATRIXFX
GOLD 1H CHART ROUTE MAP UPDATEHey Everyone, Another PIPTASTIC day on the charts today with our analysis playing out in true level to level fashion. Yesterday we stated that we were now looking for a 2498 weighted resistance re-test and a cross and lock above this level will re-open the range above. - This played out perfectly, as we got the 2498 target hit followed with the cross and lock confirmation for 2509, which was also hit perfectly!! We now also have 2509 cross and lock opening 2524, which gave a nice capture and fell just just short of a few pips and will now be keeping this mind. Our updated levels and weighted levels will allow us to track the movement down and then catch bounces up. We will continue to buy dips using our support levels taking 30 to 40 pips. As stated before each of our level structures give 20 to 40 pip bounces, which is enough for a nice entry and exit. If you back test the levels we shared every week for the past 24 months, you can see how effectively they were used to trade with or against short/mid term swings and trends. BULLISH TARGET 2509 - DONE EMA5 CROSS AND LOCK ABOVE 2509 WILL OPEN THE FOLLOWING BULLISH TARGET 2524 2535 BEARISH TARGETS 2498 - DONE EMA5 CROSS AND LOCK BELOW 2498 WILL OPEN THE RETRACEMENT RANGE RETRACEMENT RANGE 2484 - DONE EMA5 CROSS AND LOCK BELOW 2484 WILL OPEN THE SWING RANGE SWING RANGE 2472 (DONE) - 2461 As always, we will keep you all updated with regular updates throughout the week and how we manage the active ideas and setups. Thank you all for your likes, comments and follows, we really appreciate it! Mr Gold GoldViewFX
OANDA:XAUUSD
by Goldviewfx
24
GOLD 1H CHART ROUTE MAP UPDATEHey Everyone, Please see update on our 1H chart idea, which has been playing out level to level. Yesterday on our 4H chart update we stated that our 1H chart had a lock below opening the lower range. This was the 2498 bearish target, which was hit and followed with a cross and lock opening the retracement range 2484. This was also hit perfectly and gave the perfect bounce, as part of our plans to buy dips from the weighted levels. We currently still have a gap above at 2509 and will only target this if the lower weighted levels are rejected with no further locks. Otherwise we are happy to track the movement down and catch the buys from the weighted level bounces. We will also keep in mind that a cross and lock below the retracement range will open the swing range for the extended bounce. Our updated levels and weighted levels will allow us to track the movement down and then catch bounces up. We will continue to buy dips using our support levels taking 30 to 40 pips. As stated before each of our level structures give 20 to 40 pip bounces, which is enough for a nice entry and exit. If you back test the levels we shared every week for the past 24 months, you can see how effectively they were used to trade with or against short/mid term swings and trends. BULLISH TARGET 2509 EMA5 CROSS AND LOCK ABOVE 2509 WILL OPEN THE FOLLOWING BULLISH TARGET 2524 2535 BEARISH TARGETS 2498 - DONE EMA5 CROSS AND LOCK BELOW 2498 WILL OPEN THE RETRACEMENT RANGE RETRACEMENT RANGE 2484 - DONE EMA5 CROSS AND LOCK BELOW 2484 WILL OPEN THE SWING RANGE SWING RANGE 2472 - 2461 As always, we will keep you all updated with regular updates throughout the week and how we manage the active ideas and setups. Thank you all for your likes, comments and follows, we really appreciate it! Mr Gold GoldViewFX
OANDA:XAUUSD
by Goldviewfx
46
Market News Report - 01 September 2024This past week, the euro faltered the most compared to other currencies. Meanwhile, the winners included the New Zealand and Canadian dollars. Let's see what to expect from all the major forex markets performance-wise in our latest news report. Market Overview Below is a brief technical and fundamental analysis breakdown for all major currencies. US dollar (USD) Short-term outlook: bearish. STIR (short-term interest rate) markets expect at least four full rate cuts before the end of this year. They also suggest a 30% chance of a 50 bps cut at the next meeting in mid-September. Another bearish focus for the US is the slowing labour market. As with the beginning of any month, watch out for the unemployment rate and Non-Farm Payrolls on Friday. The DXY chart aligns perfectly with the fundamentals, having recently reached a major support area (100.617) on the daily chart. Meanwhile, the key resistance is far away at 107.348 and will likely remain untouched for some time. Long-term outlook: bearish. Markets anticipate several full rate cuts before the year ends. Also, data on weakened jobs is another bearish driver for the dollar. Only geopolitical risks, bond market selling, and interest rate differentials can affect this sentiment. Euro (EUR) Short-term outlook: weak bearish. The European Central Bank (ECB) has stressed that it is data-dependent. This means that certain economic data, like employment data, may boost the euro. However, the primary bearish driver is the interest rate, with STIR markets anticipating a 100% chance of a 25 bps rate cut at the next meeting this month. On the bright side, German inflation recently fell to its lowest level since March 2021, to 1.9% (from 2.3% in July 2024). Meanwhile, the chart tells a slightly different story. After breaking the last major resistance, the next target is 1.12757. Meanwhile, the key support area lies far below at 1.07774. Long-term outlook: weak bearish. The ECB hasn't committed to a specific future path with the interest rate. They are data-dependent, meaning data around inflation, growth, and wage improvement can lift the euro. However, their meeting in July was slightly more dovish than hawkish. British pound (GBP) Short-term outlook: bearish. The Bank of England (BoE) cut the interest rate by 25 basis points at the beginning of last month. However, the BoE remains data-dependent and has no set future path. STIR markets are currently pricing two additional cuts for the remainder of 2024. The central bank's current key theme is fighting persistent inflation in the United Kingdom. Any future failures here would likely weaken the GBP. As with the euro, the British pound has been saved by dollar weakness on the charts. It has just broken the major resistance at 1.31424. Despite this, it remains an area of interest due to appearing in a high time frame. On the other hand, the nearest key support is far away at 1.26156. Long-term outlook: weak bearish. While the interest rate is the chief bearish driver for the pound, the BoE has yet to signal a future path in this regard. STIR markets predict a rate hold next month (74% chance vs. 62% chance last week). Furthermore, two-way risks remain based on upcoming economic data, particularly with inflation. Japanese yen (JPY) Short-term outlook: bullish. The yen is the only currency where a change to the short-term outlook is necessary (from 'weak bullish' to 'bullish') The primary bullish catalyst is the Bank of Japan’s (BoJ) recent decision to hike the interest rate. STIR markets expect a hold (99% probability, up from 95% last week) at the next meeting but a hike at the start of next year. So, the bias is intact, and we should expect buyers on dips, more so with the dollar's macro outlook indicating a decline. After cooling down recently, USD/JPY looks to have resumed its downtrend, aligning with the outlook mentioned. The major support level to watch is 140.252. Meanwhile, the major resistance (at 161.950) is too far for traders to worry about. Long-term outlook: weak bullish. In addition to the recent rate hike, other bullish catalysts for the yen include lower US Treasury yields. Also, the Bank of Japan is actively intervening in the forex markets, contributing to the JPY's upside. Australian dollar (AUD) Short-term outlook: weak bullish. The Reserve Bank of Australia (RBA) unsurprisingly kept the interest rate unchanged not long ago to keep the fight against persistent inflation rate. Based on their language, a hike isn't out of the question this year. Like many currencies, the Aussie remains data-sensitive, whether we look at economic growth, labour, or inflation going forward. The recent rise in China's share prices, which correlates with the Aussie, has been positive for the currency. Still, there is doubt over the longevity of this run. The Aussie market has risen noticeably of late, having reached a recent resistance level. While the next nearby target is 0.68711, we need to see how it behaves at the latter. Meanwhile, the major support level is down at 0.63484. Long-term outlook: weak bullish. The RBA remains hawkish as per last week's meeting, focusing on core inflation. Overall, it's crucial to be data-dependent with the Aussie, with recent labour data keeping the bullish script alive. However, the Australian dollar is pro-cyclical, so it is exposed to slow economic growth in other countries. New Zealand dollar (NZD) Short-term outlook: weak bearish. New Zealand's central bank recently dropped the Kiwi's interest rate from 5.50% to 5.25%. Lower-revised cash rate projections also hint at the potential for further cuts in the near future. The Kiwi has recently breached a major resistance at 0.62220. While we can look towards a future level, this area is still worth considering. Conversely, the major support is at 0.58498, an area which it is unlikely to test soon. Long-term outlook: weak bearish. In its latest meeting, the central bank's dovish stance (where it cut the interest rate) puts the Kiwi in a 'bearish bracket.' However, as a risk-sensitive currency like the Aussie, any growth data in China could trigger bullishness for NZD. As with its counterpart, traders should be data-dependent. Canadian dollar (CAD) Short-term outlook: bearish. The ongoing mortgage stress in Canada has forced the Bank of Canada (BoC) to be dovish, the first major bearish catalyst. With a rate cut last month, STIR markets have increased the probability to over 90% of the same in Wednesday's meeting. The CAD continues to strengthen mildly due to USD weakness. It now looks to test the next major support target at 1.33586, while the major resistance is far ahead at 1.39468. Long-term outlook: weak bearish. Expectations of a rate cut remain the focal point, with the BoC governor Macklem himself saying it's reasonable to expect more cuts in the future. Moreover, STIR markets have priced in an additional cut sometime this year. The mortgage stress remains a major factor in this interest rate policy, and the BoC will have to cut rates to alleviate it. Still, this narrative is getting tired. Expect encouraging oil prices, along with general economic data improvement to save the Canadian dollar's blushes. Swiss franc (CHF) Short-term outlook: bearish. STIR markets forecast a rate cut later this month (a 35% chance) and December this year. Secondly, SNB expects a moderate improvement in inflation, GDP (Gross Domestic Product), and unemployment to rise slightly in the near term. However, the Swiss franc can strengthen during geopolitical tensions like the Middle East crisis. After a notable retracement at the start of last month, USD/CHF is looking to test the support area at 0.83326. Meanwhile, the major resistance level is far higher at 0.92244. Long-term outlook: weak bearish. The expected rate cut in the next SNB meetings for 2024 is the main bearish driver. However, the SNB's chairperson, Thomas Jordan, expressed that "appreciation of the Swiss Franc has an impact on monetary policy." This means that potential intervention by the central bank can go either way. Conclusion The fundamental outlooks of each currency have remained mostly unchanged from the previous report, except for JPY and NZD. Key news events to watch this week include the US unemployment rate and the CAD interest rate decision. As always, hope for the best and prepare for the worst, but this report should help guide you in determining the bias you should have for each currency.
TVC:DXY
by CityTradersImperium_CTI
GOLD 1H CHART ROUTE MAP & TRADING PLAN FOR THE WEEK Hey Everyone, Please see our updated 1h chart levels and targets for the coming week. We are seeing price between two weighted levels. We have 2509 Goldturn resistance and 2498, as Goldturn support. We currently have a gap above on market open at 2509 and below at 2498 and will need ema5 cross and lock on either weighted level to determine the next range. We will see levels tested side by side until one of the weighted levels break and lock to confirm direction for the next range. We will keep the above in mind when taking buys from dips. Our updated levels and weighted levels will allow us to track the movement down and then catch bounces up. We will continue to buy dips using our support levels taking 30 to 40 pips. As stated before each of our level structures give 20 to 40 pip bounces, which is enough for a nice entry and exit. If you back test the levels we shared every week for the past 24 months, you can see how effectively they were used to trade with or against short/mid term swings and trends. BULLISH TARGET 2509 EMA5 CROSS AND LOCK ABOVE 2509 WILL OPEN THE FOLLOWING BULLISH TARGET 2524 2535 BEARISH TARGETS 2498 EMA5 CROSS AND LOCK BELOW 2498 WILL OPEN THE RETRACEMENT RANGE RETRACEMENT RANGE 2484 EMA5 CROSS AND LOCK BELOW 2484 WILL OPEN THE SWING RANGE SWING RANGE 2472 - 2461 As always, we will keep you all updated with regular updates throughout the week and how we manage the active ideas and setups. Thank you all for your likes, comments and follows, we really appreciate it! Mr Gold GoldViewFX
OANDA:XAUUSD
by Goldviewfx
15
GOLD WEEKLY CHART MID/LONG TERM/RANGE ROUTE MAPHey Everyone, Please see update on our weekly chart idea and analysis that we have been tracking and trading for several months. Last week we got the correction just above the channel top near 2467 Goldturn support, which followed with a nice push up like we said. We also stated that we had a candle body close above 2505 leaving a long term/range gap open to 2557. - This week we have the same again with a candle body close above 2505 again leaving a gap to 2557. However, keep in mind we also have a ema5 detachment below highlighted on the chart with a circle for a possible correction area. Either way we are looking for the channel top to provide support for the bounce. All channels that break usually require the channel top to become support outside the channel for further continuations before new channels form. Failure to provide support outside of the channel, means price breaks back into the channel, in which case the channel re-activates for trading and tracking level to level once again Therefore, if we see a rejection before the gap and a break back into the channel then we will use the levels within the channel to provide the bounces, inline with our plans to buy dips in true level to level fashion, using our smaller time-frames keeping in mind the long range gap for the future.. Buying dips allows us to safely manage any swings, instead of chasing the bull from the top. Thank you all for your likes, comments and follows, we really appreciate it! Mr Gold GoldViewFX
OANDA:XAUUSD
by Goldviewfx
2
GOLD ROUTE MAP UPDATEHey Everyone, Another PIPTASTIC day on the charts with our chart idea playing out to perfection!!!! Once again 2500 provided support confirmed with no cross and lock, which followed with the bounce into 2513 and then a further cross and lock above 2513 opened 2525, which was once again hit perfectly!!! We are now looking for a lock above 2525 to open 2535 or failure to lock and we will continue to see a rejection back into the lower weighted Goldturn support levels for the bounce. We will keep the above in mind when taking buys from dips. Our updated levels and weighted levels will allow us to track the movement down and then catch bounces up. We will continue to buy dips using our support levels taking 30 to 40 pips. As stated before each of our level structures give 20 to 40 pip bounces, which is enough for a nice entry and exit. If you back test the levels we shared every week for the past 24 months, you can see how effectively they were used to trade with or against short/mid term swings and trends. BULLISH TARGET 2513 - DONE EMA5 CROSS AND LOCK ABOVE 2513 WILL OPEN THE FOLLOWING BULLISH TARGET 2525 - DONE 2535 BEARISH TARGETS 2500 - DONE EMA5 CROSS AND LOCK BELOW 2500 WILL OPEN THE RETRACEMENT RANGE RETRACEMENT RANGE 2484 EMA5 CROSS AND LOCK BELOW 2484 WILL OPEN THE SWING RANGE SWING RANGE 2472 - 2461 As always, we will keep you all updated with regular updates throughout the week and how we manage the active ideas and setups. Thank you all for your likes, comments and follows, we really appreciate it! Mr Gold GoldViewFX
OANDA:XAUUSD
by Goldviewfx
10
Apple is a great buy once it exceeds 240! The stock experienced an extended period of consolidation, during which it formed several bullish chart patterns, including the Double Bottom and Rounding Bottom. After the price broke above the neckline of the Rounding Bottom, the stock surged to reach an all-time high close to the 237 level. Since then, it has retraced nearly 17%-18%, returned to its support level. Now, with a robust rebound underway, the stock is approaching its resistance zone, and there are strong expectations for a significant breakout. The optimal buying opportunity lies just above the 240 level.
NASDAQ:AAPLLong
by NaranjCapital
25
GOLD ROUTE MAP UPDATEHey Everyone, Another great day on the charts today with a repeat of yesterdays action. We had another cross and lock above 2513 opening 2525, which was hit once again. This followed with no ema5 lock above 2525 confirming the rejection into the 2500 range, which once again gave multiple bounces, as analysed inline with our plans to buy dips. We will now once again look for another 2513 re-test and further cross and lock above to re-open the range above or a cross and lock below 2500 to open the full retracement range. Currently we are continuing to use the support above 2500 to buy dips. We will keep the above in mind when taking buys from dips. Our updated levels and weighted levels will allow us to track the movement down and then catch bounces up. We will continue to buy dips using our support levels taking 30 to 40 pips. As stated before each of our level structures give 20 to 40 pip bounces, which is enough for a nice entry and exit. If you back test the levels we shared every week for the past 24 months, you can see how effectively they were used to trade with or against short/mid term swings and trends. BULLISH TARGET 2513 - DONE EMA5 CROSS AND LOCK ABOVE 2513 WILL OPEN THE FOLLOWING BULLISH TARGET 2525 - DONE 2535 BEARISH TARGETS 2500 - DONE EMA5 CROSS AND LOCK BELOW 2500 WILL OPEN THE RETRACEMENT RANGE RETRACEMENT RANGE 2484 EMA5 CROSS AND LOCK BELOW 2484 WILL OPEN THE SWING RANGE SWING RANGE 2472 - 2461 As always, we will keep you all updated with regular updates throughout the week and how we manage the active ideas and setups. Thank you all for your likes, comments and follows, we really appreciate it! Mr Gold GoldViewFX
OANDA:XAUUSD
by Goldviewfx
7
Trading gold updatedGold is trading around 2507 after a recovery in the early European session when the price was pushed up to nearly 2512. The trading strategy is considered to pay attention to the buy zones as in the analysis at the beginning of the day in the 2295-2485 zone. The sell zone we can consider selling when the next m30 candle clusters close below the 2508 zone before the US session jumps in. Wish you a successful transaction. SELL scalp zone 2530 - 2532 stoploss 2536 SELL zone 2545 - 2547 stoploss 2551 BUY scalp zone 2496 - 2494 stoploss 2490 BUY zone 2485- 2483 stoploss 2480
OANDA:XAUUSD
by TVS-Trader
GOLD ROUTE MAP UPDATEHey Everyone, After completing 2513 and 2525 yesterday we had a candle body close gap to 2535 but stated ema5 lock will further confirm this. No lock confirmed the rejection to find support above 2500. We are now seeing price range between the weighted levels 2513 resistance and 2500 support and using the dips between this range to buy and using 2513, as exits for now. We will look for either 2513 to cross and lock above once again to open the range above or a cross and lock below 2500 to open the retracement range. Currently we will be using the support above 2500 to buy dips. We will keep the above in mind when taking buys from dips. Our updated levels and weighted levels will allow us to track the movement down and then catch bounces up. We will continue to buy dips using our support levels taking 30 to 40 pips. As stated before each of our level structures give 20 to 40 pip bounces, which is enough for a nice entry and exit. If you back test the levels we shared every week for the past 24 months, you can see how effectively they were used to trade with or against short/mid term swings and trends. BULLISH TARGET 2513 - DONE EMA5 CROSS AND LOCK ABOVE 2513 WILL OPEN THE FOLLOWING BULLISH TARGET 2525 - DONE 2535 BEARISH TARGETS 2500 EMA5 CROSS AND LOCK BELOW 2500 WILL OPEN THE RETRACEMENT RANGE RETRACEMENT RANGE 2484 EMA5 CROSS AND LOCK BELOW 2484 WILL OPEN THE SWING RANGE SWING RANGE 2472 - 2461 As always, we will keep you all updated with regular updates throughout the week and how we manage the active ideas and setups. Thank you all for your likes, comments and follows, we really appreciate it! Mr Gold GoldViewFX
OANDA:XAUUSD
by Goldviewfx
8
Market News Report - 25 August 2024While the yen was a bit stronger this week, the US dollar was the biggest loser, as it has done for several months this year. While other currencies piggybacked off dollar weakness, the future is never guaranteed in the forex world. Let's see what to expect from the major currency markets fundamentally and technically. Market Overview Below is a brief technical and fundamental analysis breakdown for all major currencies. US dollar (USD) Short-term outlook: bearish. The latest Fed meeting was overall dovish, with Powell indicating a rate cut was on the table next month. STIR (short-term interest rate) markets have suggested a 73% probability of this happening (up from 53% the previous week). There is some cooling in the labour market. Unemployment recently rose from 4.1% to 4.3%, and revisions data from the Bureau of Labour Statistics have shown a gap of 818K jobs missing. Watch out for the upcoming initial jobless claims this week. These are often a precursor to the new unemployment rate released at the start of the month. The DXY chart aligns perfectly with the fundamentals, testing a major support area (100.617) on the daily chart. Meanwhile, the key resistance is far away at 107.348 and will likely remain untouched for some time. Long-term outlook: bearish. Markets anticipate at least two rate cuts before the year ends. Weakened jobs data is another bearish driver for the dollar. Only geopolitical risks, bond market selling, and interest rate differentials can affect this sentiment. Euro (EUR) Short-term outlook: weak bearish. The latest EU retail sales indicate that the consumer is taking some time to recover from the inflation shock. The European Central Bank (ECB) has stressed that it is data-dependent. For fundamental analysts, this means that certain economic data, like employment data, may boost the euro. While also indicating that their interest rate meeting is 'wide open,' markets see a 95% chance of a cut next month (up from 87% last week). Interestingly, the chart tells a different story. After breaking the last major resistance, the next target is 1.12757. Meanwhile, the key support area lies far below at 1.06494. Long-term outlook: weak bearish. The ECB hasn't committed to a specific future path with the interest rate. They are data-dependent, meaning data around inflation, growth, and wage improvement can lift the euro. British pound (GBP) Short-term outlook: bearish. The Bank of England (BoE) cut the interest rate by 25 basis points at the start of this month. However, they remain data-dependent and have no set future path. STIR markets are currently pricing in an additional two cuts for the remainder of 2024. The central bank's current key theme is fighting persistent inflation in the United Kingdom. Any future failures here would likely weaken the GBP. As with the euro, the British pound has been saved by dollar weakness on the charts. Just as we thought the major resistance (1.31424) was too far, it has surpassed this level. However, considering its significance, we should only know how convincing the break is during the week. On the other hand, the nearest key support is far away at 1.26156. Long-term outlook: weak bearish. The interest rate is the chief bearish driver for the pound. However, STIR markets predict a rate hold next month. Furthermore, two-way risks remain based on upcoming economic data (e.g., inflation, labour, economic growth). Japanese yen (JPY) Short-term outlook: weak bullish. The Bank of Japan’s (BoJ) recent decision to hike the interest rate is bullish for the yen. However, STIR markets expect a hold (100% probability, from 95% last week) at the next meeting but a hike at the start of next year. After cooling down last week, USD/JPY looks to have resumed its downtrend, confirming the poor dollar. The major support level to watch is 140.252. Meanwhile, the major resistance (at 161.950) is too far for traders to worry about. Long-term outlook: weak bullish. In addition to the recent rate hike, other bullish catalysts for the yen include lower US Treasury yields. The Bank of Japan is actively intervening in the forex markets, contributing to the JPY's upside last month. However, having moved quite a distance, a further retracement is imminent. Australian dollar (AUD) Short-term outlook: weak bullish. The Reserve Bank of Australia (RBA) unsurprisingly kept the interest rate unchanged not long ago to keep the fight against persistent inflation rate. Based on their language, a hike isn't out of the question this year. Like many currencies, the Aussie remains data-sensitive, whether we look at economic growth, labour, or inflation going forward. The recent rise in China's share prices, which correlates with the Aussie, has been positive for the currency. Still, there is doubt over the longevity of this run. Diarise Wednesday's upcoming CPI (Consumer Price Index) reading for the Aussie. As further proof of the short-term outlook, the Aussie market has risen noticeably. In our last report, it was only 130 pips away from the nearest major resistance at 0.67986. It is now right onto this level. So, it will be interesting to see how it reacts this week. Meanwhile, the major support level is down at 0.63484. Long-term outlook: weak bullish. The RBA remains hawkish as per last week's meeting, focusing on core inflation. Overall, it's crucial to be data-dependent with the Aussie, with recent labour data keeping the bullish script alive. However, the Australian dollar is pro-cyclical, so it is exposed to slow economic growth in other countries. New Zealand dollar (NZD) Short-term outlook: bearish. The New Zealand dollar is the only currency we have recently updated the short-term outlook (from neutral to bearish). This is mainly due to the central bank dropping the Kiwi's interest rate from 5.50% to 5.25% two weeks ago. Lower-revised cash rate projections also hint at the potential for further cuts in the near future. Similar to its closest relative, AUD, the Kiwi is near the major resistance at 0.62220. Only time will tell if it can break or pull back in the coming days. So, this remains the focal point, while the major support is at 0.58498, an area which it is unlikely to test soon. Long-term outlook: weak bearish. In its latest meeting, the central bank's dovish stance (where it cut the interest rate) puts the Kiwi in a 'bearish bracket.' However, as a risk-sensitive currency like the Aussie, any growth data in China could trigger bullishness for NZD. As with its counterpart, traders should be data-dependent. Canadian dollar (CAD) Short-term outlook: bearish. The ongoing mortgage stress in Canada has forced the Bank of Canada (BoC) to be dovish, the first major bearish catalyst. With a rate cut last month, STIR markets have raised the probability to over 90% of the same next month. Watch out for the upcoming data on the CAD inflation rate and retail sales this week. Thanks to dollar weakness, the CAD continues to strengthen mildly. It now looks to test the next major support target (after breaking one at 1.35888) at 1.34780, while the major resistance is far ahead at 1.39468. Long-term outlook: weak bearish. Expectations of a rate cut remain the focal point, with the BoC governor Macklem himself saying it's reasonable to expect more cuts in the future. Moreover, STIR markets have priced in an additional cut sometime this year (aside from the one for next month). The mortgage stress remains a major factor in this interest rate policy, and the BoC will have to cut rates to alleviate it. However, encouraging oil prices, along with data improvements (the name of the game) may save the Canadian dollar's blushes. Swiss franc (CHF) Short-term outlook: bearish. STIR markets forecast a rate cut in September (an 82% chance) and December this year. Secondly, SNB expects a moderate improvement in inflation, GDP (Gross Domestic Product), and unemployment to rise slightly in the near term. However, the Swiss franc can strengthen during geopolitical tensions like the Middle East crisis. After a notable retracement, USD/CHF is looking to test the support area at 0.83326. Meanwhile, the major resistance level is far higher at 0.92244. Long-term outlook: weak bearish. The expected rate cut in the next SNB meetings for 2024 is the main bearish driver. However, the SNB's chairperson, Thomas Jordan, expressed that "appreciation of the Swiss Franc has an impact on monetary policy." This means that potential intervention by the central bank can go either way. Conclusion The fundamental outlooks of each currency have remained unchanged from the previous time. However, as expected, prepare for anything on the charts while aligning this activity with our expert fundamental summaries.
TVC:DXY
by CityTradersImperium_CTI
GOLD ROUTE MAP UPDATEHey Everyone, Great start to the week with our chart idea playing out inline with our plans to buy dips. We got our 2513 gap target hit, which followed with a ema5 cross and lock above 2513 opening 2525 and if momentum allowed then potential to 2535. We got the perfect hit at 2525 and a candle body close now leaves a gap to 2535 but ema5 lock will further confirm this. Failure to cross and lock above 2525 will follow with a rejection into the weighted Goldturn support levels, otherwise re- attempts will be made to complete the range into 2535.. We will keep the above in mind when taking buys from dips. Our updated levels and weighted levels will allow us to track the movement down and then catch bounces up. We will continue to buy dips using our support levels taking 30 to 40 pips. As stated before each of our level structures give 20 to 40 pip bounces, which is enough for a nice entry and exit. If you back test the levels we shared every week for the past 24 months, you can see how effectively they were used to trade with or against short/mid term swings and trends. BULLISH TARGET 2513 - DONE EMA5 CROSS AND LOCK ABOVE 2513 WILL OPEN THE FOLLOWING BULLISH TARGET 2525 - DONE 2535 BEARISH TARGETS 2500 EMA5 CROSS AND LOCK BELOW 2500 WILL OPEN THE RETRACEMENT RANGE RETRACEMENT RANGE 2484 EMA5 CROSS AND LOCK BELOW 2484 WILL OPEN THE SWING RANGE SWING RANGE 2472 - 2461 As always, we will keep you all updated with regular updates throughout the week and how we manage the active ideas and setups. Thank you all for your likes, comments and follows, we really appreciate it! Mr Gold GoldViewFX
OANDA:XAUUSD
by Goldviewfx
7
GOLD 1H CHART ROUTE MAP & TRADING PLAN FOR THE WEEKHey Everyone, Please see our updated 1h chart levels and targets for the coming week. We are seeing price between two weighted levels. We have 2513 Goldturn resistance and 2500, as Goldturn support. We currently have a gap above on market open at 2513 and below at 2500 and will need ema5 cross and lock on either weighted level to determine the next range. We will see levels tested side by side until one of the weighted levels break and lock to confirm direction for the next range. We will keep the above in mind when taking buys from dips. Our updated levels and weighted levels will allow us to track the movement down and then catch bounces up. We will continue to buy dips using our support levels taking 30 to 40 pips. As stated before each of our level structures give 20 to 40 pip bounces, which is enough for a nice entry and exit. If you back test the levels we shared every week for the past 24 months, you can see how effectively they were used to trade with or against short/mid term swings and trends. BULLISH TARGET 2513 EMA5 CROSS AND LOCK ABOVE 2513 WILL OPEN THE FOLLOWING BULLISH TARGET 2525 2535 BEARISH TARGETS 2500 EMA5 CROSS AND LOCK BELOW 2500 WILL OPEN THE RETRACEMENT RANGE RETRACEMENT RANGE 2484 EMA5 CROSS AND LOCK BELOW 2484 WILL OPEN THE SWING RANGE SWING RANGE 2472 - 2461 As always, we will keep you all updated with regular updates throughout the week and how we manage the active ideas and setups. Thank you all for your likes, comments and follows, we really appreciate it! Mr Gold GoldViewFX
OANDA:XAUUSD
by Goldviewfx
16
DAILY CHART UPDATEHey Everyone, Please see update on our daily chart structure that we have been tracking and trading successfully for a while now. Previously after completing our target at 2464, we stated last week that we were heading towards our final target at 2521, due to body close and ema5 lock. This target was hit and completed perfectly!!! We will now look for either a candle body close or ema5 lock above 2521 to confirm 2566. Failure to lock will follow with a rejection below to find support at the lower Goldturns. We will use our smaller timeframe analysis and trading plans to navigate the range in true level to level fashion. Our long term bias is Bullish and therefore we will continue to use our smaller timeframes to buy dips using our levels and setups. Buying dips allows us to safely manage any swings rather then chasing the bull from the top. Thank you all for your likes, comments and follows, we really appreciate it! Mr Gold GoldViewFX
OANDA:XAUUSD
by Goldviewfx
4
GOLD WEEKLY CHART MID/LONG TERM/RANGE ROUTE MAPHey Everyone, Please see update on our weekly chart idea and analysis that we have been tracking and trading for several months. Previously after completing our final target on this chart at 2505, we stated that a crucial week was coming up, as we needed price to find support above the channel top to confirm play in this range and will need a correctional retest on the channel top for a continuation above. - As you can see we got the correction just above the channel top near 2467 Goldturn support, which followed with a nice push up like we said. We now also have a candle body close above 2505 leaving a long term/range gap open to 2557. However, if we see a rejection before the gap and a break back into the channel then we will use the levels within the channel to provide the bounces, inline with our plans to buy dips in true level to level fashion, using our smaller time-frames keeping in mind the long range gap for the future.. Buying dips allows us to safely manage any swings, instead of chasing the bull from the top. Thank you all for your likes, comments and follows, we really appreciate it! Mr Gold GoldViewFX
OANDA:XAUUSD
by Goldviewfx
16
GOLD ROUTE MAP UPDATEHey Everyone, A Piptastic week for us once again hitting all our targets in true level to level fashion !!! Yesterday after completing the retracement range, we got the bounce and looked for the 2488 test, which was hit perfectly like we stated!!! This followed with a continuation hitting the remaining bullish targets once again and completing the last target at weighted level 2509. We will now need to see ema5 lock above 2509 for a continuation or a failure to lock above this level will follow with a rejection. BULLISH TARGET 2509 - DONE EMA5 CROSS AND LOCK ABOVE 2509 WILL OPEN THE FOLLOWING BULLISH TARGET 2519 - DONE POTENTIALLY 2533 BEARISH TARGETS 2500 - DONE EMA5 CROSS AND LOCK BELOW 2500 WILL OPEN THE RETRACEMENT RANGE RETRACEMENT RANGE 2488 (DONE) - 2472 (DONE) EMA5 CROSS AND LOCK BELOW 2472 WILL OPEN THE SWING RANGE SWING RANGE 2458 - 2446 We will now come back Sunday with our Multi time-frame analysis, Gold route map and trading plans for the week ahead. Have a smashing weekend!! And once again, thank you all for your likes, comments and follows, we really appreciate it! Mr Gold GoldViewFX
OANDA:XAUUSD
by Goldviewfx
12
GOLD ROUTE MAP UPDATEHey Everyone, Once again our levels were respected and provided the calibrated bounces inline with our plans to buy dips. Yesterday we advised that we were now seeing a range being established between 2500 and 2519/2533 and will need to see ema5 cross and lock on either weighted support or resistance level to determine the next move. - 2519 was hit and then no lock confirmed the rejection into 2500 and then a break of 2500 followed with the full retracement range test. The retracement level gave the bounce exactly like we shared and more than 40 pips. We will now look for a 2488 re-test and a failure to cross and lock above this level will follow with a rejection into the retracement range again. A further cross and lock below the retracement range will open the swing range for the extended swing bounce. We will continue to buy dips using our support levels taking 30 to 40 pips. As stated before each of our level structures give 20 to 40 pip bounces, which is enough for a nice entry and exit. If you back test the levels we shared every week for the past 24 months, you can see how effectively they were used to trade with or against short/mid term swings and trends. BULLISH TARGET 2509 - DONE EMA5 CROSS AND LOCK ABOVE 2509 WILL OPEN THE FOLLOWING BULLISH TARGET 2519 - DONE POTENTIALLY 2533 BEARISH TARGETS 2500 - DONE EMA5 CROSS AND LOCK BELOW 2500 WILL OPEN THE RETRACEMENT RANGE RETRACEMENT RANGE 2488 (DONE) - 2472 (DONE) EMA5 CROSS AND LOCK BELOW 2472 WILL OPEN THE SWING RANGE SWING RANGE 2458 - 2446 As always, we will keep you all updated with regular updates throughout the week and how we manage the active ideas and setups. Thank you all for your likes, comments and follows, we really appreciate it! Mr Gold GoldViewFX
OANDA:XAUUSD
by Goldviewfx
16